4 Strategies to Save on Your Diabetes Prescriptions

According to the Centers for Disease Control and Prevention (CDC), diabetes is the seventh leading cause of death in the United States. It also creates high health costs for many families. Americans with diabetes have direct medical costs 2.3 times higher than those without diabetes, with an annual per capita excess cost of $7,888 attributable to their diabetes. The price of treatment is not expected to drop anytime soon. The average price of insulin nearly tripled between 2002 and 2013, according to the American Diabetes Association.

Saving Money on Diabetes Prescriptions

If you or someone you love lives with either Type I or Type II diabetes, these four tips can help ease the cost of treatment.

1. Use a free prescription discount card

   A prescription discount card is just what it sounds like, a free program that provides you with a card (or an app) to use at the pharmacy to lower the price of your Rx medications. Each program is a little different, but most work by negotiating with pharmacies for lower prices on brand and generic medications, passing those discounts along to patients. Download a free Rx card from FamilyWize or get the free mobile app , to start saving an average of 45 percent on all your prescriptions.

2. Use your FSA or HSA

   If your employer offers benefit plans with a Flexible Spending Account (FSA) or a Health Savings Account (HSA), you can save substantially on your out-of-pocket medical expenses. These accounts enable you to set aside pre-tax money from your salary to spend on qualified medical expenses, such as prescription medications, office visit copays, and blood glucose testing supplies. Use an online calculator to estimate how much money you should put into your account each year.

3. Speak with your doctor about medication alternatives

   Pharmacists and physicians know that living with diabetes can be expensive. If you are concerned about affording your medications (prescription or over-the-counter), speak up! They will likely have suggestions, such as switching to a generic medication or even options like pill splitting .

4. Compare prices before you fill your prescriptions

   Most people are unaware that different pharmacies may charge different prices for the same drug . Before you fill your prescriptions, take a few minutes to compare Rx prices across local pharmacies . Online tools make this much quicker and easier than you may think. Now available both as a free online tool and a mobile app, the FamilyWize Medicine Cabinet helps you to better manage your family’s prescription drug costs, store important information about each prescription, and price compare across local pharmacies in your area.

The most important thing: Do not let limited funds keep you from your necessary diabetes drugs. CBS News recently reported that almost half of people with diabetes skip medical care to save money. These tips can help you to find a way to afford the important medications that you and your family need to stay healthy.

Sources:

• CDC.gov, “Leading Causes of Death.” March 17, 2017.
• DIABETES IN AMERICA, Chapter 40: Health Care Utilization and Costs of Diabetes, PDF
• CBSNews.com, “Study: Almost half of diabetics skip medical care due to costs.” June 18, 2018
• NerdWallet.com, “How to Choose the Right Amount for Your FSA in 2018.” October 24,